Genmab Announces Financial Results for the First Nine Months of 2024
Tel: +45 7020 2728
Company Announcement no. 60
Page 1/45
CVR no. 2102 3884
November 6, 2024 Copenhagen, Denmark;
Interim Report for the First Nine Months Ended September 30, 2024
Highlights
• European Commission (EC) granted conditional marketing authorization for TEPKINLY
®
(epcoritamab) as a monotherapy for the treatment of adult patients with relapsed or
refractory follicular lymphoma (FL) after two or more lines of systemic therapy
• Genmab announced that it will assume sole responsibility for the continued development
and potential commercialization of acasunlimab
• Genmab revenue increased 29% compared to the first nine months of 2023, to DKK 15,085
million
• Genmab 2024 financial guidance updated
“The third quarter of 2024 presented Genmab with additional opportunities to progress towards our goal
of fundamentally transforming the lives of people with cancer and other serious diseases. The additional
approval for TEPKINLY, along with positive data presentations for our promising late-stage assets
acasunlimab and rinatabart sesutecan (Rina-S), underscore the potential of our pipeline and our
commitment to the development of innovative antibody-based therapeutics,” said Jan van de Winkel,
Ph.D., Chief Executive Officer of Genmab.
Financial Performance First Nine Months of 2024
• Revenue was DKK 15,085 million for the first nine months of 2024 compared to DKK 11,715
million for the first nine months of 2023. The increase of DKK 3,370 million, or 29%, was primarily
driven by higher DARZALEX
®
(daratumumab) and Kesimpta
®
(ofatumumab) royalties achieved
under our collaborations with Janssen Biotech, Inc. (Janssen) and Novartis Pharma AG
(Novartis), respectively, and increased EPKINLY
®
(epcoritamab) net product sales.
• Royalty revenue was DKK 12,367 million in the first nine months of 2024 compared to DKK 9,722
million in the first nine months of 2023, an increase of DKK 2,645 million, or 27%. The increase in
royalties was driven by higher net sales of DARZALEX and Kesimpta.
• Net sales of DARZALEX, including sales of the subcutaneous (SC) product (daratumumab and
hyaluronidase-fihj, sold under the tradename DARZALEX FASPRO
®
in the U.S.), by Janssen
were USD 8,586 million in the first nine months of 2024 compared to USD 7,194 million in the first
nine months of 2023, an increase of USD 1,392 million or 19%.
• Total costs and operating expenses were DKK 10,542 million in the first nine months of 2024
compared to DKK 8,145 million in the first nine months of 2023. The increase of DKK 2,397
million, or 29%, was driven by the expansion of our product pipeline, including the addition of
ProfoundBio related research and development expenses, primarily Rina-S, the continued
development of Genmab’s broader organizational capabilities and related increase in team
members to support these activities, as well as profit-sharing amounts payable to AbbVie Inc.
(AbbVie) related to EPKINLY sales.
• Operating profit was DKK 4,543 million in the first nine months of 2024 compared to DKK 3,570
million in the first nine months of 2023.
• Net financial items resulted in income of DKK 1,019 million for the first nine months of 2024
compared to DKK 1,060 million in the first nine months of 2023.
Genmab Announces Financial Results for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 2/45
2500 Valby, Denmark
CVR no. 2102 3884
Outlook
Genmab is updating the lower end of its revenue range of 2024 financial guidance driven by higher total
royalty revenues from DARZALEX. Genmab is also lowering the upper end of its operating expense
range to reflect a continued focused and disciplined approach to investments and portfolio prioritization.
(DKK million)
Revised Guidance
Previous
Guidance
Revenue
21,100 - 21,700
20,500 - 21,700
Royalties
17,000 - 17,400
16,600 - 17,400
Net product sales/Collaboration revenue*
2,000 - 2,200
2,000 - 2,200
Milestones/Reimbursement revenue
2,100 - 2,100
1,900 - 2,100
Gross profit**
20,200 - 20,800
19,600 - 20,800
Operating expenses**
(13,700) - (14,000)
(13,700) - (14,300)
Including Acquisition & Integration Related Charges
(14,100) - (14,400)
(14,100) - (14,700)
Operating profit
6,200 - 7,100
5,300 - 7,100
Including Acquisition & Integration Related Charges
5,800 - 6,700
4,900 - 6,700
*Net Product Sales and Collaboration Revenue consists of EPKINLY Net Product Sales in the U.S. and Japan and Tivdak
(Genmab’s share of net profits) in the U.S.
**Operating Expenses Range excludes Cost of Product Sales Range, which is included in Gross Profit Range
Conference Call
Genmab will hold a conference call to discuss the results for the first nine of 2024 today, November 6,
2024, at 6:00 pm CET, 5:00 pm GMT or 12:00 pm EST. To join the call please use the below registration
link. Registered participants will receive an email with a link to access dial-in information as well as a
unique personal PIN: https://register.vevent.com/register/BI6db06ed786914762a9dc001f798b7c1b
. A live
and archived webcast of the call and relevant slides will be available at www.genmab.com/investor-
relations.
Contact
Marisol Peron, Senior Vice President, Global Communications & Corporate Affairs
T: +1 609 524 0065; E: mmp@genmab.com
Andrew Carlsen, Vice President, Head of Investor Relations
T: +45 3377 9558; E: acn@genmab.com
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 3/45
2500 Valby, Denmark
CVR no. 2102 3884
CONTENTS
MANAGEMENT’S REVIEW
CONSOLIDATED KEY FIGURES
4
OUTLOOK
5
KEY 2024 PRIORITIES
6
PRODUCT PIPELINE AND TECHNOLOGY PROGRESS FIRST NINE MONTHS OF 2024
6
SIGNIFICANT RISKS AND UNCERTAINTIES
17
FINANCIAL REVIEW
18
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
26
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
30
ABOUT GENMAB
44
DIRECTORS’ AND MANAGEMENT’S STATEMENT ON THE INTERIM REPORT
45
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 4/45
2500 Valby, Denmark
CVR no. 2102 3884
CONSOLIDATED KEY FIGURES
Three Months Ended
Nine Months Ended
(DKK million)
September 30,
September 30,
Full Year
Income Statement
2024
2023
2024
2023
2023
Revenue
5,540
4,712
15,085
11,715
16,474
Cost of product sales
(273)
(79)
(648)
(100)
(226)
Research and development expenses
(2,283)
(2,088)
(7,084)
(5,682)
(7,630)
Selling, general and administrative expenses
(865)
(860)
(2,541)
(2,363)
(3,297)
Acquisition and integration related charges
(17)
—
(269)
—
—
Total costs and operating expenses
(3,438)
(3,027)
(10,542)
(8,145)
(11,153)
Operating profit
2,102
1,685
4,543
3,570
5,321
Net financial items
(383)
985
1,019
1,060
316
Net profit
1,266
2,104
3,999
3,649
4,352
Balance Sheet
Marketable securities
10,976
13,252
10,976
13,252
13,268
Cash and cash equivalents
6,342
14,273
6,342
14,273
14,867
Total non-current assets
15,961
2,257
15,961
2,257
2,196
Total assets
39,660
35,005
39,660
35,005
35,335
Shareholders' equity
31,922
30,936
31,922
30,936
31,656
Share capital
66
66
66
66
66
Cash Flow Statement
Cash flow from operating activities
2,033
2,037
5,059
5,708
7,380
Cash flow from investing activities
224
1,008
(9,989)
(840)
(1,282)
Cash flow from financing activities
(276)
20
(3,922)
(584)
(606)
Investment in intangible assets
(10)
—
(10)
(10)
(10)
Investment in tangible assets
(38)
(98)
(93)
(299)
(366)
Financial Ratios and Other Information
Basic net profit per share
19.94
32.22
62.09
55.88
66.64
Diluted net profit per share
19.81
31.94
61.72
55.40
66.02
Period-end share market price
1,620
2,508
1,620
2,508
2,155
Price / book value
3.35
5.35
3.35
5.35
4.50
Shareholders' equity per share
483.67
468.73
483.67
468.73
478.94
Equity ratio
80
%
88
%
80
%
88
%
90
%
Shares outstanding
66,176,831
66,067,481
66,176,831
66,067,481
66,074,535
Average number of employees (FTE*)
Number of employees (FTE) at the end of the period
2,635
2,132
2,635
2,132
2,204
* Full-time equivalent or team members
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 5/45
2500 Valby, Denmark
CVR no. 2102 3884
OUTLOOK
(DKK million)
Revised Guidance
Previous Guidance
Revenue
21,100 - 21,700
20,500 - 21,700
Royalties
17,000 - 17,400
16,600 - 17,400
Net product sales/Collaboration revenue*
2,000 - 2,200
2,000 - 2,200
Milestones/Reimbursement revenue
2,100 - 2,100
1,900 - 2,100
Gross profit**
20,200 - 20,800
19,600 - 20,800
Operating expenses**
(13,700) - (14,000)
(13,700) - (14,300)
Including Acquisition & Integration Related Charges
(14,100) - (14,400)
(14,100) - (14,700)
Operating profit
6,200 - 7,100
5,300 - 7,100
Including Acquisition & Integration Related Charges
5,800 - 6,700
4,900 - 6,700
*Net Product Sales and Collaboration Revenue consists of EPKINLY Net Product Sales in the U.S. and Japan and Tivdak
(Genmab’s share of net profits) in the U.S.
**Operating Expenses Range excludes Cost of Product Sales Range, which is included in Gross Profit Range
Genmab is updating the lower end of its revenue range of 2024 financial guidance driven by higher total
royalty revenues from DARZALEX and continued focused and disciplined approach to investments and
portfolio prioritization.
Revenue
Genmab expects its 2024 revenue to be in the range of DKK 21.1 – 21.7 billion, an increase to the
previous guidance range of DKK 20.5 – 21.7 billion, driven by higher total royalty revenues from
DARZALEX. DARZALEX royalties of DKK 13.7 – 14.0 billion are based on Genmab’s estimate of
DARZALEX 2024 net sales of USD 11.6 – 11.8 billion. DARZALEX royalties are partly offset by
Genmab’s share of Janssen’s royalty payments to Halozyme Therapeutics, Inc. (Halozyme) in connection
with SC net sales as well as royalty reduction in countries and territories where there are no Genmab
patents.
Operating Expenses
Genmab anticipates its 2024 operating expenses (excluding acquisition and integration related charges)
to be in the range of DKK 13.7 – 14.0 billion, a decrease to the previous guidance range of DKK 13.7 –
14.3 billion, primarily related to continued focused and disciplined approach to investments and portfolio
prioritization.
Including acquisition and integration related charges, Genmab expects operating expenses for 2024 to be
in the range of DKK 14.1 – 14.4 billion.
Operating Profit
Genmab now expects its 2024 operating profit excluding acquisition and integration related charges to be
in the range of DKK 6.2 – 7.1 billion, compared to the previous guidance of DKK 5.3 – 7.1 billion, primarily
driven by the items described above.
Including acquisition and integration related charges, Genmab expects operating profit for 2024 to be in
the range of DKK 5.8 – 6.7 billion.
Outlook: Risks and Assumptions
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 6/45
2500 Valby, Denmark
CVR no. 2102 3884
In addition to factors already mentioned, the estimates above are subject to change due to numerous
reasons, including but not limited to, the achievement of certain milestones associated with Genmab’s
collaboration agreements; the timing and variation of development activities (including activities carried
out by Genmab’s collaboration partners) and related income and costs; DARZALEX, DARZALEX
FASPRO,
Kesimpta, TEPEZZA
®
, RYBREVANT
®
, TECVAYLI
®
, TALVEY
®
and TEPKINLY net sales and
royalties paid to Genmab; changing rates of inflation; and currency exchange rates (the 2024 guidance
assumes a USD / DKK exchange rate of 6.8). The financial guidance assumes that no significant new
agreements are entered into during the remainder of 2024 that could materially affect the results. Refer to
the section “Significant Risks and Uncertainties” in this interim report for matters that may cause
Genmab’s actual results to differ materially from 2024 Guidance and Key 2024 Priorities.
The factors discussed above, as well as other factors that are currently unforeseeable, may result in
further and other unforeseen material adverse impacts on Genmab’s business and financial performance,
including on the sales of Tivdak
®
and EPKINLY/TEPKINLY, and on the net sales of DARZALEX,
Kesimpta, TEPEZZA, RYBREVANT, TECVAYLI and TALVEY by Genmab’s collaboration partners and on
Genmab’s royalties, collaboration revenue and milestone revenue therefrom.
KEY 2024 PRIORITIES
Bring Our Own
Medicines to Patients
EPKINLY
1
• Initiate three Phase 3 trials
• Expand label to include relapsed/refractory FL
Tivdak
2
• Initiate Phase 3 study in head and neck cancer
Execute successful launches and growth in key markets
Build World-class
Differentiated Pipeline
Acasunlimab (GEN1046, DuoBody
®
-PD-L1x4-1BB)
• Initiate Phase 3 study (second line non-small cell lung cancer
(NSCLC))
GEN1042 (DuoBody-CD40x4-1BB)
3
• Phase 2 data and determine next steps
Expand and advance proprietary clinical product portfolio
Invest in Our People &
Culture
Further scale organization aligned with differentiated antibody
product portfolio growth and future launches
Become a Leading
Integrated Biotech
Innovation Powerhouse
Use solid financial base to grow and broaden antibody product and
technology portfolio
1. Co-development w/ AbbVie; 2. Co-development w/ Pfizer Inc. (Pfizer); 3. Co-development w/ BioNTech SE (BioNTech)
PRODUCT PIPELINE AND TECHNOLOGY PROGRESS FIRST NINE MONTHS OF 2024
At the end of the first nine months of 2024, Genmab’s proprietary pipeline of investigational medicines,
where we are responsible for at least 50% of development, consisted of over a dozen antibody products
in clinical development. These include Genmab’s approved medicines, Tivdak, which Genmab is co-
developing globally and co-promoting in the U.S. in collaboration with Pfizer, and EPKINLY/TEPKINLY,
which Genmab is co-developing and co-commercializing in the U.S. and Japan in collaboration with
AbbVie. In addition to our own pipeline, there are multiple investigational medicines in development by
global pharmaceutical and biotechnology companies, including six approved medicines powered by
Genmab’s technology and innovations. Beyond the investigational medicines in clinical development, our
pipeline includes multiple preclinical programs. An overview of the development status of our approved
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 7/45
2500 Valby, Denmark
CVR no. 2102 3884
medicines and each of our investigational medicines is provided in the following section, including
updates for the third quarter of 2024. For events that occurred during the first and second quarters of
2024, please refer to Genmab’s Q1 2024 and Genmab’s First Half 2024
reports. Detailed descriptions of
dosing, efficacy and safety data from certain clinical trials have been disclosed in company
announcements and media releases published via the Nasdaq Copenhagen
A/S (Nasdaq Copenhagen)
stock exchange and may also be found in Genmab’s filings with the U.S. Securities and Exchange
Commission (U.S. SEC). Additional information is available on Genmab’s website, www.genmab.com
.
The information accessible through our website is not part of this report and is not incorporated by
reference herein.
Genmab Proprietary Products
1
Approved Medicines
Approved Product
Target
Developed By
Disease Indication
EPKINLY
(epcoritamab-bysp,
epcoritamab)
TEPKINLY
(epcoritamab)
CD3xCD20
Co-development
Genmab/AbbVie
Approved in multiple territories including in
the U.S. and Europe for adult patients with
relapsed or refractory diffuse large B-cell
lymphoma (DLBCL) after two or more lines
of systemic therapy and in Japan for adult
patients with certain types of relapsed or
refractory large B-cell lymphoma (LBCL)
after two or more lines of systemic
therapy
2
Approved in the U.S. and Europe for adult
patients with relapsed or refractory FL after
two or more lines of systemic therapy
2
Tivdak
(tisotumab vedotin-tftv)
Tissue
factor (TF)
Co-development
Genmab/Pfizer
Approved in the U.S. for adult patients with
recurrent/metastatic cervical cancer with
disease progression on or after
chemotherapy
2
1
Approved and investigational medicines where Genmab has ≥50% ownership, in co-development with partners as indicated.
2
Refer to relevant local prescribing information for precise indication and safety information.
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 8/45
2500 Valby, Denmark
CVR no. 2102 3884
Pipeline, Including Further Development for Approved Medicines
*Genmab is developing HexaBody-CD38 in an exclusive worldwide license and option agreement with Janssen.
EPKINLY/TEPKINLY (epcoritamab) – First and only bispecific antibody approved in the U.S. and
Europe to treat both relapsed or refractory FL and DLBCL after two or more lines of systemic
therapy
• SC bispecific antibody targeting CD3 and CD20, created using Genmab’s DuoBody technology
platform
• Epcoritamab (approved as EPKINLY and TEPKINLY) has received regulatory approvals in
multiple territories including in the U.S. and Europe for adult patients with relapsed or refractory
DLBCL after two or more lines of systemic therapy, and in Japan for adult patients with certain
types of relapsed or refractory LBCL after two or more lines of systemic therapy.
• EPKINLY/TEPKINLY have also been approved in the U.S. and Europe for the treatment of adults
with relapsed or refractory FL after two or more lines of systemic therapy. Regulatory submission
for epcoritamab for this indication is currently under review in Japan.
• Multiple clinical trials are ongoing across different settings and histologies, including five Phase 3
trials, with more trials in planning
• Co-developed and co-commercialized in collaboration with AbbVie
Epcoritamab is a proprietary bispecific antibody created using Genmab’s DuoBody technology platform.
Epcoritamab targets CD3, which is expressed on T-cells, and CD20, a clinically validated target on
malignant B-cells. Genmab used technology licensed from Medarex Inc. (Medarex) to generate the CD20
antibody forming part of epcoritamab. Epcoritamab is marketed as EPKINLY in the U.S., Japan, and other
regions, and as TEPKINLY in Europe and other regions. See local prescribing information for specific
indications and safety information. In 2020, Genmab entered into a collaboration agreement with AbbVie
to jointly develop and commercialize epcoritamab. The companies share commercialization
responsibilities in the U.S. and Japan, with AbbVie responsible for further global commercialization.
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 9/45
2500 Valby, Denmark
CVR no. 2102 3884
Genmab records sales in the U.S. and Japan and receives tiered royalties between 22% and 26% on
remaining global sales outside of these territories, subject to certain royalty reductions. The companies
have a broad clinical development program for epcoritamab including five ongoing Phase 3 trials and
additional trials in planning. Please consult the U.S. Prescribing Information
for EPKINLY and the
European Summary of Product Characteristics for TEPKINLY for the labeled indication and safety
information.
Third Quarter 2024 Updates
• September: The U.S. Food and Drug Administration (U.S. FDA) granted a Breakthrough Therapy
Designation (BTD) for EPKINLY (epcoritamab) in combination with rituximab and lenalidomide for
the treatment of adult patients with relapsed or refractory FL after at least one line of systemic
therapy. This is the second BTD granted for EPKINLY.
• August: The EC granted conditional marketing authorization for TEPKINLY (epcoritamab) as a
monotherapy for the treatment of adult patients with relapsed or refractory FL after two or more
lines of systemic therapy. The conditional marketing authorization was supported by data from
the FL cohort of the EPCORE
®
NHL-1 trial (NCT03625037).
Tivdak (tisotumab vedotin-tftv) – First and only U.S. FDA approved ADC for recurrent or
metastatic cervical cancer
• An ADC directed to TF, a protein highly prevalent in solid tumors, including cervical cancer, which
is associated with poor prognosis
• Full approval granted by the U.S. FDA for tisotumab vedotin-tftv, marketed as Tivdak, for the
treatment of patients with recurrent or metastatic cervical cancer with disease progression on or
after chemotherapy; Tivdak is the first ADC with demonstrated overall survival data to be granted
full U.S. FDA approval in this patient population
• Regulatory submissions for tisotumab vedotin for the treatment of recurrent or metastatic cervical
cancer are currently under review in both Japan and Europe
• Co-developed globally and co-promoted in the U.S. in collaboration with Pfizer
Tisotumab vedotin is an ADC composed of Genmab’s human monoclonal antibody directed to TF and
Pfizer’s ADC technology that utilizes a protease-cleavable linker that covalently attaches the
microtubule-disrupting agent monomethyl auristatin E to the antibody. Genmab used technology
licensed from Medarex to generate the TF antibody forming part of tisotumab vedotin. Tisotumab
vedotin-tftv, marketed as Tivdak, is the first and only U.S. FDA approved ADC for the treatment of adult
patients with recurrent or metastatic cervical cancer with disease progression on or after chemotherapy.
Tisotumab vedotin is being co-developed by Genmab and Pfizer. Under a joint commercialization
agreement, Genmab is co-promoting Tivdak in the U.S. and will lead commercial operational activities in
Japan. Pfizer is leading commercial operational activities in the U.S. and will lead commercial
operational activities in Europe and China. In these four markets there will be a 50:50 profit split. In other
markets, Pfizer will commercialize Tivdak and Genmab will receive royalties based on a percentage of
aggregate net sales ranging from the mid-teens to the mid-twenties. The companies have joint decision-
making power on the worldwide development and commercialization strategy for Tivdak. Upon strategic
evaluation we have decided to discontinue preparation for a Phase 3 study in second / third line
squamous cell carcinoma of the head and neck. Please consult the U.S. Prescribing Information
for
Tivdak for the labeled indication and safety information, including the boxed warning.
Third Quarter 2024 Update
• July: Data from innovaTV 301 clinical trial (NCT04697628) published in New England Journal of
Medicine, Tisotumab Vedotin as Second- or Third-Line Therapy for Recurrent Cervical Cancer.
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 10/45
2500 Valby, Denmark
CVR no. 2102 3884
Acasunlimab (GEN1046) – Bispecific next-generation immunotherapy
• Bispecific antibody targeting PD-L1 and 4-1BB, created using Genmab’s DuoBody technology
platform
• Clinical trials in solid tumors ongoing
• In August 2024, BioNTech opted not to participate in the further development of the acasunlimab
program under the parties’ existing License and Collaboration Agreement
• Genmab is assuming sole responsible for the continued development and potential
commercialization of acasunlimab
Acasunlimab (GEN1046, DuoBody-PD-L1x4-1BB) is a proprietary bispecific antibody, created using
Genmab’s DuoBody technology platform. In August 2024, BioNTech opted not to participate in the further
development of the acasunlimab program under the parties’ existing License and Collaboration
Agreement for reasons related to BioNTech’s portfolio strategy. Genmab is assuming sole responsibility
for the continued development and potential commercialization of acasunlimab and the program will be
subject to payment of certain milestones and a tiered single-digit royalty on net sales by Genmab to
BioNTech. Acasunlimab is designed to induce an antitumor immune response by simultaneous and
complementary PD-L1 blockade and conditional 4-1BB stimulation using an inert DuoBody format.
Acasunlimab is currently in Phase 2 clinical development. Based on encouraging data from the Phase 2
trial in NSCLC (NCT05117242), a Phase 3 trial is expected to start before the end of 2024.
Third Quarter 2024 Update
• September: Translational and pharmacokinetic/pharmacodynamic data supporting the Phase 3
dosing regimen for acasunlimab in combination with pembrolizumab in patients with
relapsed/refractory metastatic NSCLC was presented as a poster at the 2024 World Conference
on Lung Cancer (WCLC).
Rinatabart Sesutecan (Rina-S, GEN1184) – Potential best-in-class folate receptor alpha (FRα)-
targeted topoisomerase I (TOPO1) ADC
• FRα-targeted TOPO1 ADC being evaluated for potential treatment of FRα-expressing cancers
• Phase 1/2 clinical trial (NCT05579366) in advanced solid tumors ongoing
Rina-S is a novel FRα-targeted TOPO1 ADC being evaluated for the potential treatment of ovarian cancer
and other FRα-expressing cancers. Dose escalation data suggests that Rina-S has robust single agent
activity in various cancers across a broad range of FRα expression levels. In January 2024, Rina-S was
granted Fast Track Designation by the U.S. FDA for the treatment of FRα-expressing high-grade serous
or endometrioid platinum-resistant ovarian cancer. A Phase 1/2 trial of Rina-S in advanced solid tumors is
ongoing. Based on encouraging data from this trial, a Phase 3 trial in second line plus platinum resistant
ovarian cancer is expected to start before the end of 2024.
Third Quarter 2024 Update
• September: Data from the Phase 1/2 study of Rina-S were presented as a mini-oral presentation
at the European Society of Medical Oncology Congress 2024 (ESMO) in Barcelona, Spain. Rina-
S demonstrated a confirmed objective response rate (ORR) of 50.0% (95% CI, 26.0 – 74.0) in
ovarian cancer patients treated with Rina-S 120 mg/m
2
once every 3 weeks (Q3W), regardless of
FRα expression levels. Rina-S was well tolerated in these patients with no signals of ocular
toxicities, neuropathy, or interstitial lung disease (ILD) observed.
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 11/45
2500 Valby, Denmark
CVR no. 2102 3884
GEN1042 (BNT312) – Potential first-in-class bispecific agonistic antibody
• Bispecific antibody targeting CD40 and 4-1BB, created using Genmab’s DuoBody technology
platform
• Multiple Phase 1/2 clinical trials in solid tumors ongoing
• Co-developed in collaboration with BioNTech
GEN1042 (DuoBody-CD40x4-1BB, BNT312) is a proprietary bispecific antibody, jointly owned by
Genmab and BioNTech, created using Genmab’s DuoBody technology platform. It is being co-developed
by Genmab and BioNTech under an agreement in which the companies share all costs and future
potential profits for GEN1042 on a 50:50 basis. CD40 and 4-1BB were selected as targets to enhance
activation of both dendritic cells and antigen-dependent T-cells. Three clinical trials of GEN1042 in solid
tumors are ongoing.
GEN3014 – HexaBody-based investigational medicine with potential in hematological
malignancies
• Antibody targeting CD38, created using Genmab’s HexaBody technology platform
• Phase 1/2 clinical trial (NCT04824794) in relapsed/refractory multiple myeloma and other
hematological malignancies ongoing
• Developed in an exclusive worldwide license and option agreement with Janssen
GEN3014 (HexaBody-CD38) is a human CD38 monoclonal antibody-based investigational medicine
created using Genmab’s HexaBody technology platform. GEN3014 is a second generation CD38-
targeting lgG1 antibody with a hexamerization-enhancing modification. GEN3014 is designed to induce
antitumor activity through highly potent complement-dependent cytotoxicity (CDC) and antitumor activity,
which is enhanced compared to daratumumab as demonstrated in previously presented preclinical data
and is effective at a wider range of target expression levels. In June 2019, Genmab entered into an
exclusive worldwide license and option agreement with Janssen to develop and commercialize GEN3014.
A Phase 1/2 clinical trial in hematologic malignancies is ongoing and includes a cohort comparing
GEN3014 to daratumumab in CD38 monoclonal antibody-naïve relapsed or refractory multiple myeloma
patients.
GEN1047 – Bispecific antibody with potential in solid tumors
• Bispecific antibody targeting CD3 and B7H4, created using Genmab’s DuoBody technology
platform
• Phase 1/2 clinical trial (NCT05180474) in malignant solid tumors recruiting
GEN1047 (DuoBody-CD3xB7H4) is a bispecific antibody-based investigational medicine created using
Genmab’s DuoBody technology platform. B7H4 is a tumor-associated antigen expressed on malignant
cells in various solid cancers including breast, ovarian and lung cancer. In preclinical studies, GEN1047
induced T-cell mediated cytotoxicity of B7H4-positive tumor cells. GEN1047 is being developed for the
potential treatment of solid cancer indications known to express B7H4. A Phase 1/2 clinical trial of
GEN1047 in malignant solid tumors is ongoing.
GEN3017 – DuoBody-based investigational therapy in the clinic
• Bispecific antibody targeting CD3 and CD30, created using Genmab’s DuoBody technology
platform
• Phase 1 clinical trial (NCT06018129) in relapsed or refractory classical Hodgkin lymphoma and
NHL ongoing
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 12/45
2500 Valby, Denmark
CVR no. 2102 3884
GEN3017 (DuoBody-CD3xCD30) is a bispecific antibody-based investigational medicine created using
Genmab’s DuoBody technology platform. CD30 is highly expressed in multiple hematologic malignancies,
including classical Hodgkin lymphoma and anaplastic large cell lymphoma. In preclinical studies,
GEN3017 induced potent T-cell mediated cytotoxicity of CD30-expressing tumor cells, which was
associated with induction of CD4+ and CD8+ T-cell activation, proliferation, and cytokine production.
GEN3017 is being developed for the potential treatment of certain hematological malignancies. A Phase
1/2 clinical trial of GEN3017 in relapsed or refractory classical Hodgkin lymphoma and NHL is ongoing.
GEN1059 (BNT314) – Bispecific antibody with potential in solid tumors
• Bispecific antibody targeting EpCAM and 4-1BB, created using Genmab’s DuoBody technology
platform
• Phase 1/2 clinical trial (NCT06150183) in solid tumors recruiting
• Co-developed in collaboration with BioNTech
GEN1059 (DuoBody-EpCAMx4-1BB, BNT314), jointly owned by Genmab and BioNTech and created
using Genmab’s DuoBody technology platform, is a bispecific antibody aimed at boosting antitumor
immune responses through EpCAM-dependent 4-1BB agonistic activity. GEN1059 is being co-developed
by Genmab and BioNTech under an agreement in which the companies share all costs and future
potential profits for GEN1059 on a 50:50 basis. A Phase 1/2 clinical trial of GEN1059 in solid tumors is
recruiting.
GEN1055 (BNT315) – HexaBody-based antibody with potential in solid tumors
• Antibody targeting OX40, created using Genmab’s HexaBody technology platform
• Phase 1/2 clinical trial (NCT06391775) in malignant solid tumors recruiting
• Co-developed in collaboration with BioNTech
GEN1055 (HexaBody-OX40, BNT315), jointly owned by Genmab and BioNTech and created using
Genmab’s HexaBody technology platform, is an immune-modulating OX40 agonist antibody designed to
promote immunity by enhancing T-cell responses through FcγR-independent OX40 clustering on T cells.
GEN1055 is being co-developed by Genmab and BioNTech under an agreement in which the companies
share all costs and future potential profits for GEN1055 on a 50:50 basis. A Phase 1/2 clinical trial of
GEN1055 in solid tumors is recruiting.
GEN1160 – ADC with potential in both solid tumors and hematological malignancies
• CD70-targeted ADC being evaluated in advanced solid and liquid tumors
• Phase 1/2 clinical trial (NCT05721222) in advanced solid and liquid tumors
GEN1160 is a CD70-targeted ADC. CD70 is a protein expressed on both solid tumors and hematological
malignancies. A Phase 1/2 clinical study of GEN1160 in advanced renal cell carcinoma, nasopharyngeal
carcinoma and NHL is recruiting.
GEN1107 – ADC with potential in solid tumors
• PTK7-targeted ADC being evaluated in advanced solid tumors
• Phase 1/2 clinical trial (NCT06171789) in advanced solid tumors recruiting
GEN1107 is a PTK7-targeted ADC. PTK7 is a clinically validated ADC target with broad solid tumor
expression, particularly in tumor-initiating cells. A Phase 1/2 clinical study of GEN1107 in advanced solid
tumors is recruiting.
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 13/45
2500 Valby, Denmark
CVR no. 2102 3884
GEN1057 – Bispecific antibody with potential in solid tumors
• Bispecific antibody targeting FAPα and death receptor 4 (DR4), created using Genmab’s
DuoBody technology platform
• Phase 1/2 clinical trial (NCT06573294) in malignant solid tumors recruiting
GEN1057 (DuoBody-FAPαxDR4) is a bispecific antibody-based investigational medicine created using
Genmab’s DuoBody technology platform. GEN1057 is designed for the conditional transactivation of DR4
and thereby induction of apoptosis. A Phase 1/2 clinical trial of GEN1057 in malignant solid tumors is
recruiting.
Third Quarter 2024 Update
• September: The first patient was dosed in the first-in-human Phase 1/2 clinical trial of GEN1057
in solid tumors.
GEN1056 (BNT322)
• Phase 1 clinical trial (NCT05586321) in solid tumors ongoing
• Co-developed in collaboration with BioNTech
GEN1056 (BNT322) is an antibody product co-developed by Genmab and BioNTech for the treatment of
solid tumors. A first-in-human Phase 1 clinical study of GEN1056 in patients with advanced solid tumors
is ongoing.
Preclinical Programs
• Broad preclinical pipeline that includes both partnered products and in-house programs based on
our proprietary technologies and/or antibodies
• Multiple new Investigational New Drug (IND) applications expected to be submitted over the
coming years
• Genmab has entered multiple strategic collaborations to support the expansion of our innovative
pipeline
Our preclinical pipeline includes immune effector function enhanced antibodies developed with our
HexaBody technology platform, bispecific antibodies created with our DuoBody technology platform and
ADCs created with our ADC technology platforms. We are also collaborating with our partners to
generate additional new antibody-based product concepts. A number of the preclinical programs are
conducted in cooperation with our collaboration partners.
Third Quarter 2024 Update
• September: Clinical Trial Application (CTA) submitted in Europe for GEN1078.
Programs Incorporating Genmab’s Innovation and Technology
1
In addition to Genmab’s own pipeline of investigational medicines, our innovations and proprietary
technology platforms are applied in the pipelines of global pharmaceutical and biotechnology companies.
These companies are running clinical development programs with antibodies created by Genmab or
created using Genmab’s proprietary DuoBody bispecific antibody technology platform. The programs run
from Phase 1 development to approved medicines.
The information in this section includes those therapies that have been approved by regulatory agencies
in certain territories. Under the agreements for these medicines Genmab is entitled to certain potential
milestones and royalties.
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 14/45
2500 Valby, Denmark
CVR no. 2102 3884
Approved Medicines
1
Approved Product
Discovered and/or Developed &
Marketed By
Disease Indication(s)
DARZALEX
(daratumumab)/DARZALEX
FASPRO (daratumumab and
hyaluronidase-fihj)
Janssen (Royalties to Genmab on
net global sales)
Multiple myeloma
2
Light-chain (AL) Amyloidosis
2
Kesimpta
(ofatumumab)
Novartis (Royalties to Genmab on
net global sales)
Relapsing multiple sclerosis
(RMS)
2
TEPEZZA
(teprotumumab-trbw)
Amgen Inc. (Amgen) (under
sublicense from Roche, royalties to
Genmab on net global sales)
Thyroid eye disease (TED)
2
RYBREVANT
(amivantamab/amivantamab-vmjw)
Janssen (Royalties to Genmab on
net global sales)
NSCLC
2
TECVAYLI
(teclistamab/teclistamab-cqyv)
Janssen (Royalties to Genmab on
net global sales)
Relapsed and refractory
multiple myeloma
2
TALVEY
(talquetamab/talquetamab-tgvs)
Janssen (Royalties to Genmab on
net global sales)
Relapsed and refractory
multiple myeloma
2
1
Approved and investigational medicines created by Genmab or created by collaboration partners leveraging Genmab’s DuoBody
technology platform, under development, and where relevant, commercialized by a third party.
2
See local prescribing information for precise indication and safety information.
Pipeline, Including Further Development for Approved Medicines, ≥ Phase 2
Development
*
UltiMAb
transgenic mouse technology licensed from Medarex, a wholly owned subsidiary of Bristol-Myers Squibb.
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 15/45
2500 Valby, Denmark
CVR no. 2102 3884
DARZALEX (daratumumab) – Redefining the treatment of multiple myeloma
• First-in-class human CD38 monoclonal antibody
• Developed and commercialized by Janssen under an exclusive worldwide license from Genmab
• Intravenous (IV) formulation approved in combination with other therapies and as monotherapy
for certain multiple myeloma indications
• First and only SC CD38-directed antibody approved for the treatment of certain multiple myeloma
indications, known as DARZALEX FASPRO in the U.S., and DARZALEX SC in Europe
• SC daratumumab is the first and only approved therapy for AL amyloidosis in the U.S., Europe,
and Japan
• Net sales of DARZALEX by Janssen were USD 8,586 million in the first nine months of 2024
Daratumumab is a human monoclonal antibody that binds with high affinity to the CD38 molecule, which
is highly expressed on the surface of multiple myeloma cells and is also expressed by AL amyloidosis
plasma cells. Genmab used technology licensed from Medarex to generate the CD38 antibody.
Daratumumab is being developed and commercialized by Janssen under an exclusive worldwide license
from Genmab. Under the terms of the agreement, Genmab receives royalties between 12% and 20% with
Janssen reducing such royalty payments for Genmab’s share of Janssen’s royalty payments made to
Halozyme; payments are further reduced in countries and territories where there are no relevant patents.
Daratumumab (marketed as DARZALEX for IV administration and as DARZALEX FASPRO in the U.S.
and as DARZALEX SC in Europe for SC administration) is approved in a large number of territories for
the treatment of adult patients with certain multiple myeloma indications and is the only approved therapy
in the U.S., Europe and Japan for the treatment of adult patients with AL amyloidosis. Please consult the
European Summary of Product Characteristics
for DARZALEX and DARZALEX SC and the U.S.
Prescribing Information for DARZALEX and DARZALEX FASPRO for the labeled indication and safety
information.
Kesimpta (ofatumumab) – Approved for the treatment of RMS
• Human CD20 monoclonal antibody developed and commercialized by Novartis under a license
agreement with Genmab
• Approved in multiple territories including the U.S., Europe and Japan for the treatment of RMS in
adults
• First B-cell therapy that can be self-administered by patients at home using the Sensoready
®
autoinjector pen
Ofatumumab is a human monoclonal antibody that targets an epitope on the CD20 molecule
encompassing parts of the small and large extracellular loops. Genmab used technology licensed from
Medarex to generate the CD20 antibody. Ofatumumab, marketed as Kesimpta, is approved in territories
including the U.S., Europe, and Japan for the treatment of certain adult patients with RMS. Kesimpta is
the first B-cell therapy that can be self-administered by patients at home using the Sensoready
autoinjector pen, once monthly after starting therapy. Ofatumumab is being developed and marketed
worldwide by Novartis under a license agreement between Genmab and Novartis. Under the terms of the
agreement, Genmab receives a 10% royalty on net sales of Kesimpta, and Genmab pays a low-single
digit royalty to Medarex based on Kesimpta sales. Please consult the U.S. Prescribing Information
and
the European Summary of Product Characteristics for the labeled indication and safety information for
Kesimpta.
TEPEZZA (teprotumumab) – First U.S. FDA-approved medicine for the treatment of TED
• Developed and commercialized by Amgen for the treatment of TED
• First and only approved medicine for the treatment of TED in the U.S. and Japan
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
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Carl Jacobsens Vej 30
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Page 16/45
2500 Valby, Denmark
CVR no. 2102 3884
• Regulatory approval pending in Europe
Teprotumumab, approved by the U.S. FDA and by Japan’s Ministry of Health, Labour and Welfare
(MHLW) under the trade name TEPEZZA, is a human monoclonal antibody that targets the Insulin-like
Growth Factor 1 Receptor (IGF-1R), a validated target. It is the first and only medicine approved in the
U.S. and in Japan for the treatment of TED. Genmab used technology licensed from Medarex to generate
the IGF-1R antibody. The antibody was created by Genmab under a collaboration with Roche.
Development and commercialization of the product was subsequently conducted by Horizon Therapeutics
plc (Horizon) under a sublicense from Roche. In October 2023, Amgen completed its acquisition of
Horizon, including the rights to all commercialization and development of teprotumumab. Under the terms
of Genmab’s agreement with Roche, Genmab receives a mid-single digit royalty on net sales (as defined)
of TEPEZZA. Please consult the U.S. Prescribing Information
for the labeled indication and safety
information for TEPEZZA.
RYBREVANT (amivantamab) – First regulatory approvals for a DuoBody-based medicine
• Part of Genmab and Janssen DuoBody research and license agreement
• First approved medicine created using Genmab’s proprietary DuoBody technology
• Under the agreement with Janssen, Genmab is eligible to receive milestones and receives
royalties on net sales of RYBREVANT
In July 2012, and as amended in December 2013, Genmab entered into a collaboration with Janssen to
create and develop bispecific antibodies using Genmab’s DuoBody technology platform. One of these,
Janssen’s amivantamab, is a fully human bispecific antibody that targets epidermal growth factor
receptor (EGFR) and cMet, two validated cancer targets. The two antibody libraries used to produce
amivantamab were both generated by Genmab. In collaboration with Janssen, the antibody pair used to
create amivantamab was co-discovered. Amivantamab, marketed as RYBREVANT, is approved in
certain territories for the treatment of certain adult patients with NSCLC. Janssen is responsible for the
development and commercialization of amivantamab. Under the agreement with Janssen, Genmab is
eligible to receive milestones and receives royalties between 8% and 10% on net sales of RYBREVANT
subject to a reduction of such royalty payments in countries and territories where there are no relevant
patents, among other reductions. Genmab pays a royalty to Medarex based on RYBREVANT net sales.
Please consult the U.S. Prescribing Information and the European Summary of Product Characteristics
for RYBREVANT for the labeled indication and safety information.
TECVAYLI (teclistamab) – Bispecific antibody approved for the treatment of relapsed and
refractory multiple myeloma
• Part of Genmab and Janssen DuoBody research and license agreement
• Second approved medicine created using Genmab’s proprietary DuoBody technology
• Under the agreement with Janssen, Genmab is eligible to receive milestones and receives
royalties on net sales of TECVAYLI
In July 2012, and as amended in December 2013, Genmab entered into a collaboration with Janssen to
create and develop bispecific antibodies using Genmab’s DuoBody technology platform. One of the
products subsequently discovered and developed by Janssen is teclistamab, a bispecific antibody that
targets CD3, which is expressed on T-cells, and B-cell maturation antigen (BCMA), which is expressed in
mature B lymphocytes. Teclistamab, marketed as TECVAYLI, is approved in certain territories for the
treatment of certain adult patients with relapsed or refractory multiple myeloma. Janssen is responsible
for the development and commercialization of TECVAYLI. Under our agreement with Janssen, Genmab
is eligible to receive milestones and receives a mid-single digit royalty on net sales of TECVAYLI subject
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 17/45
2500 Valby, Denmark
CVR no. 2102 3884
to a reduction of such royalty payments in countries and territories where there are no relevant patents,
among other reductions. Please consult the U.S. Prescribing Information and the
European Summary of
Product Characteristics for TECVAYLI for the labeled indication and safety information.
TALVEY (talquetamab) – Bispecific antibody approved for the treatment of relapsed and refractory
multiple myeloma
• Part of Genmab and Janssen DuoBody research and license agreement
• Fourth approved medicine created using Genmab’s proprietary DuoBody technology
• Under the agreement with Janssen, Genmab is eligible to receive milestones and royalties on net
sales of TALVEY
In July 2012, and as amended in December 2013, Genmab entered into a collaboration with Janssen to
create and develop bispecific antibodies using Genmab’s DuoBody technology platform. One of the
products subsequently discovered and developed by Janssen is talquetamab, a bispecific antibody that
targets CD3, which is expressed on T-cells, and G protein-coupled receptor, family C, group 5, member D
(GPRC5D), an orphan receptor expressed in malignant plasma cells. Talquetamab, marketed as
TALVEY, is approved in certain territories for the treatment of certain adult patients with relapsed or
refractory multiple myeloma. Janssen is responsible for the development and commercialization of
TALVEY. Under our agreement with Janssen, Genmab is eligible to receive milestones and receives a
mid-single digit royalty on net sales of TALVEY subject to a reduction of such royalty payments in
countries and territories where there are no relevant patents, among other reductions. Please consult the
U.S. Prescribing Information and the European Summary of Product Characteristics
for TALVEY for the
labeled indication and safety information.
SIGNIFICANT RISKS AND UNCERTAINTIES
As a biotech company, Genmab faces a number of risks and uncertainties. These are common for the
industry and relate to operations, intellectual property, research and development, commercialization, and
financial activities.
With the acquisition of ProfoundBio, Genmab has an increased operating presence in China. This
increased presence subjects Genmab to risks specific to conducting business in China such as being
subject to changes in the political, economic and tax policies of the Chinese government or in
relationships between China and Denmark, the United States or other governments. In addition, the
Chinese government has discretion and oversight over the conduct of the business operations of
Genmab’s Chinese subsidiaries. Genmab mitigates these risks through the monitoring of the activities of
our Chinese subsidiaries as well as geopolitical activities as they pertain to our global operations.
For further information about risks and uncertainties that Genmab faces, refer to the 2023 Annual Report
filed with the Nasdaq Copenhagen and the Form 20-F filed with the U.S. SEC, both of which were filed in
February 2024. At the date of this interim report, there have been no significant changes to Genmab’s
overall risk profile since the publication of these reports, other than those additional risks in regard to our
Chinese subsidiaries stated above. See Genmab’s Form 20-F for a detailed summary of risks related to
our collaborations.
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
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2500 Valby, Denmark
CVR no. 2102 3884
FINANCIAL REVIEW
The interim report is prepared on a consolidated basis for Genmab A/S (parent company) and its
subsidiaries. The Genmab financial statements are published in Danish Kroner (DKK). The Genmab
consolidated Group is referenced herein as “Genmab” or the “Company”. On May 21, 2024 (Acquisition
Date), Genmab completed the previously announced acquisition of all of the outstanding shares of
ProfoundBio, resulting in ProfoundBio becoming a wholly-owned subsidiary of Genmab. From the
Acquisition Date through the third quarter of 2024, ProfoundBio’s financial results have been incorporated
into Genmab’s Condensed Consolidated Financial Statements.
Revenue
Genmab’s revenue was DKK 15,085 million for the first nine months of 2024 compared to DKK 11,715
million for the first nine months of 2023. The increase of DKK 3,370 million, or 29%, was primarily driven
by higher DARZALEX and Kesimpta royalties achieved under our collaborations with Janssen and
Novartis, respectively, and increased EPKINLY net product sales, partly offset by milestones achieved
under our collaboration with Janssen in the first nine months of 2023.
Three Months Ended
Nine Months Ended
September 30,
September 30,
(DKK million)
2024
2023
2024
2023
Royalties
4,694
3,836
12,367
9,722
Reimbursement revenue
267
306
835
789
Milestone revenue
3
342
347
797
Collaboration revenue
105
78
311
218
Net product sales
471
150
1,225
189
Total revenue
5,540
4,712
15,085
11,715
Royalties
Royalty revenue amounted to DKK 12,367 million in the first nine months of 2024 compared to DKK 9,722
million in the first nine months of 2023. The increase of DKK 2,645 million, or 27%, was primarily driven
by higher DARZALEX and Kesimpta royalties achieved under our daratumumab collaboration with
Janssen and ofatumumab collaboration with Novartis. The table below summarizes Genmab’s royalty
revenue by product.
Three Months Ended
Nine Months Ended
September 30,
September 30,
(DKK million)
2024
2023
2024
2023
DARZALEX
3,787
3,145
9,899
8,000
Kesimpta
569
449
1,559
1,049
TEPEZZA
198
180
539
516
Other
140
62
370
157
Total royalties
4,694
3,836
12,367
9,722
Net sales of DARZALEX by Janssen were USD 8,586 million in the first nine months of 2024 compared to
USD 7,194 million in the first nine months of 2023. The increase of USD 1,392 million, or 19%, was driven
by market share gains in all regions. Royalty revenue on net sales of DARZALEX
was DKK 9,899 million
in the first nine months of 2024 compared to DKK 8,000 million in the first nine months of 2023, an
increase of DKK 1,899 million. The percentage increase in royalties of 24% is higher than the percentage
increase in the underlying net sales primarily due to a higher effective royalty rate.
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
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Carl Jacobsens Vej 30
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2500 Valby, Denmark
CVR no. 2102 3884
Net sales of Kesimpta by Novartis were USD 2,274 million in the first nine months of 2024 compared to
USD 1,530 million in the first nine months of 2023. The increase of USD 744 million, or 49%, was
primarily driven by increased demand and strong access. Royalty revenue on net sales of Kesimpta was
DKK 1,559 million in the first nine months of 2024 compared to DKK 1,049 million in the first nine months
of 2023, an increase of DKK 510 million, or 49%.
Net sales of TEPEZZA by Amgen were USD 1,391 million in the first nine months of 2024 compared to
USD 1,304 million in the first nine months of 2023. Royalty revenue on net sales of TEPEZZA was DKK
539 million in the first nine months of 2024 compared to DKK 516 million in the first nine months of 2023,
an increase of DKK 23 million, or 4%.
Other royalties consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY.
These royalties were not material for the first nine months of 2024 or 2023.
Royalty revenue fluctuations from period to period are driven by the level of product net sales, foreign
currency exchange rate movements and more specifically to DARZALEX, the contractual arrangement
related to annual Currency Hedge Rate, Genmab’s share of Janssen’s royalty payments to Halozyme in
connection with SC product net sales and the level of royalty deductions on net sales in countries and
territories where there is no patent protection.
Reimbursement Revenue
Reimbursement revenue amounted to DKK 835 million in the nine months of 2024 compared to DKK 789
million in the first nine months of 2023. The increase of DKK 46 million, or 6%, was primarily driven by
higher activities under our collaboration agreement with Pfizer for the global development of Tivdak.
Milestone Revenue
Milestone revenue was DKK 347 million in the first nine months of 2024 compared to DKK 797 million in
the first nine months of 2023, a decrease of DKK 450 million, or 56%, primarily driven by milestones of
DKK 446 million achieved under our Janssen DuoBody collaboration in 2023.
Milestone revenue may fluctuate significantly from period to period due to both the timing of
achievements and the varying amount of each individual milestone under our license and collaboration
agreements.
Collaboration Revenue
Collaboration revenue was DKK 311 million in the first nine months of 2024 compared to DKK 218 million
in the first nine months of 2023, an increase of DKK 93 million, or 43%, primarily driven by an increase in
net sales of Tivdak.
Net Product Sales
Global net sales of EPKINLY/TEPKINLY were USD 203 million in the first nine months of 2024. Net
product sales in the U.S. and Japan by Genmab were DKK 1,225 million in the first nine months of 2024
compared to DKK 189 million in the first nine months of 2023. EPKINLY was approved in the U.S. in May
2023 and in Japan in September 2023.
Net sales of TEPKINLY in territories where Genmab receives royalty revenue were USD 24 million in the
first nine months of 2024, with no net sales in the first nine months of 2023 due to regulatory approvals in
such territories not occurring until late 2023.
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
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2500 Valby, Denmark
CVR no. 2102 3884
Refer to Financial Statement Note 3 in this interim report for further details about revenue.
Key Developments to Revenue – Third Quarter of 2024
Global net sales of EPKINLY/TEPKINLY were USD 82 million in the third quarter of 2024. Genmab’s
revenue was DKK 5,540 million for the third quarter of 2024 compared to DKK 4,712 million for the third
quarter of 2023. The increase of DKK 828 million, or 18%, was primarily driven by higher DARZALEX and
Kesimpta royalties achieved under our collaborations with Janssen and Novartis, respectively, and
increased EPKINLY net product sales, partly offset by milestones achieved under our collaboration with
Janssen in the third quarter of 2023.
Cost of Product Sales
Genmab recognized cost of product sales of DKK 648 million in the first nine months of 2024 compared to
DKK 100 million in the first nine months of 2023. Cost of product sales related to EPKINLY sales is
primarily comprised of profit-sharing amounts payable to AbbVie of DKK 580 million as well as product
costs. EPKINLY was approved in the U.S. in May 2023 and in Japan in September 2023.
Key Developments to Cost of Product Sales – Third Quarter of 2024
Cost of product sales were DKK 273 million for the third quarter of 2024 compared to DKK 79 million for
the third quarter of 2023. Cost of product sales related to EPKINLY sales is primarily comprised of profit-
sharing amounts payable to AbbVie of DKK 228 million for the quarter, as well as product costs.
EPKINLY was approved in the U.S. in May 2023 and in Japan in September 2023.
Research and Development Expenses
Research and development expenses amounted to DKK 7,084 million in the first nine months of 2024
compared to DKK 5,682 million in the first nine months of 2023. The increase of DKK 1,402 million, or
25%, was driven by the increased and accelerated advancement of Epcoritamab under our collaboration
with AbbVie, the addition of ProfoundBio related research and development expenses, primarily Rina-S,
and the increase in team members to support the continued expansion of our product portfolio.
Research and development expenses accounted for 74% of total research and development expenses &
selling, general and administrative expenses in the first nine months of 2024 compared to 71% in the first
nine months of 2023.
Key Developments to Research and Development Expenses – Third Quarter of 2024
Research and development expenses were DKK 2,283 million for the third quarter of 2024 compared to
DKK 2,088 million for the third quarter of 2023. The increase of DKK 195 million, or 9%, was primarily
driven by the addition of ProfoundBio related research and development expenses, primarily Rina-S,
further progression of pipeline products, and the increase in team members to support the continued
expansion of our product portfolio.
Selling, General and Administrative Expenses
Selling, general and administrative expenses were DKK 2,541 million in the first nine months of 2024
compared to DKK 2,363 million in the first nine months of 2023. The increase of DKK 178 million, or 8%,
was driven by the expansion of Genmab’s commercialization capabilities. Selling, General and
Administration expense growth has been moderating during 2024 reflecting a focus on driving efficiency.
We continue to increase team members and commercial support in a strategic manner.
Selling, general and administrative expenses accounted for 26% of total research and development
expenses & selling, general and administrative expenses in the first nine months of 2024 compared to
29% for the first nine months of 2023.
Interim Report for the First Nine Months of 2024
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Key Developments to Selling, General and Administrative Expenses – Third Quarter of 2024
Selling, general and administrative expenses were DKK 865 million for the third quarter of 2024
compared to DKK 860 million for the third quarter of 2023. The increase of DKK 5 million, or 1%, was
driven by Genmab’s increasing commercialization capabilities, which slowed during 2024 as commercial
capabilities have now been scaled commensurate with current operations. We continue to increase team
members and commercial support in a strategic manner.
Acquisition and Integration Related Charges
Acquisition and integration related charges for the acquisition of ProfoundBio were DKK 269 million in the
first nine months of 2024.
Key Developments to Acquisition and Integration Related Charges – Third Quarter of 2024
Acquisition and integration related charges for the acquisition of ProfoundBio were DKK 17 million for the
third quarter of 2024. There were no acquisition and integration related charges for the third quarter of
2023.
Operating Profit
Operating profit was DKK 4,543 million in the first nine months of 2024 compared to DKK 3,570 million in
the first nine months of 2023. Operating profit was DKK 2,102 million for the third quarter of 2024
compared to DKK 1,685 million for the third quarter of 2023.
Net Financial Items
Net financial items include the following:
Three Months Ended
Nine Months Ended
September 30,
September 30,
(DKK million)
2024
2023
2024
2023
Interest and other financial income
162
244
771
672
Gain on marketable securities
144
109
352
357
Gain on other investments
9
6
130
68
Foreign exchange rate gain
—
850
968
850
Total financial income
315
1,209
2,221
1,947
Interest and other financial expenses
(18)
(9)
(66)
(49)
Loss on marketable securities
—
(40)
(119)
(199)
Loss on other investments
(10)
(39)
(108)
(64)
Foreign exchange rate loss
(670)
(136)
(909)
(575)
Total financial expenses
(698)
(224)
(1,202)
(887)
Net financial items
(383)
985
1,019
1,060
Interest Income
Interest income was DKK 771 million in the first nine months of 2024 compared to DKK 672 million in the
first nine months of 2023. The increase of DKK 99 million was primarily driven by higher average cash
and cash equivalents and marketable securities, as well as higher interest rates on USD denominated
marketable securities in the first nine months of 2024 compared to the first nine months of 2023.
Interim Report for the First Nine Months of 2024
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Foreign Exchange Rate Gains and Losses
Foreign exchange rate gain, net was DKK 59 million, comprised of DKK 968 million foreign exchange rate
gains, offset by DKK 909 million foreign exchange rate losses in the first nine months of 2024 compared
to foreign exchange rate gain, net of DKK 275 million in the first nine months of 2023. The USD
weakened against the DKK in the first nine months of 2024, negatively impacting our USD denominated
securities and cash holdings. The USD strengthened against the DKK in the first nine months of 2023,
positively impacting our USD denominated securities and cash holdings.
September 30,
2024
December
31, 2023
September 30,
2023
December 31,
2022
USD/DKK Foreign Exchange Rates
6.6595
6.7447
7.0390
6.9722
% (Decrease)/increase from prior year-end
(1.3)%
1.0%
Refer to Financial Statement Note 6 in this interim report for further details about the net financial items.
Key Developments to Net Financial Items – Third Quarter of 2024
Foreign Exchange Rate Gains and Losses
Foreign exchange rate loss was DKK 670 million in the third quarter of 2024 compared to the foreign
exchange rate gain, net of DKK 714 million in the third quarter of 2023. The USD weakened against the
DKK in the third quarter of 2024, negatively impacting our USD denominated securities and cash
holdings. The USD strengthened against the DKK in the third quarter of 2023, positively impacting our
USD denominated securities and cash holdings.
Interest Income
Interest Income was DKK 162 million for the third quarter of 2024 compared to DKK 244 million for the
third quarter of 2023. The decrease of DKK 82 million was primarily driven by lower cash and cash
equivalents and marketable securities in the third quarter of 2024 as a result of the ProfoundBio
acquisition, compared to the third quarter of 2023.
Corporate Tax
Corporate tax expense for the first nine months of 2024 was DKK 1,563 million compared to DKK 981
million for the first nine months of 2023. The increase in corporate tax expense is primarily the result of
Genmab’s higher net profit before tax and an increase in the estimated annual effective tax rate in the first
nine months of 2024 to 28.1% from 21.2% in the first nine months of 2023. The increase in Genmab’s
effective tax rate was mainly driven by the increase in the deferred provision attributable to losses in
relation to EPKINLY commercial expenses in the U.S. and ProfoundBio operational losses in the U.S. for
which tax benefit cannot be recognized.
With the acquisition of ProfoundBio, Genmab is currently evaluating the integration of ProfoundBio
operations from a tax perspective. As a result, Genmab’s effective tax rate may experience some volatility
as integration activities progress, but is anticipated to normalize within the next 12-18 months.
Key Developments to Corporate Tax – Third Quarter of 2024
Corporate tax expense for the third quarter of 2024 was DKK 453 million compared to DKK 566 million for
the third quarter of 2023. The decrease in corporate tax expense is primarily the result of Genmab’s lower
net profit before tax and an increase in the estimated annual effective tax rate, driven by an increase in
Interim Report for the First Nine Months of 2024
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the deferred provision attributable to nondeductible losses in relation to EPKINLY commercial expenses
in the U.S. and ProfoundBio operational losses in the U.S.
Net Profit
Net profit for the first nine months of 2024 was DKK 3,999 million compared to DKK 3,649 million in the
first nine months of 2023. The increase was driven by the items described above.
Liquidity and Capital Resources
(DKK million)
September 30, 2024
December 31, 2023
Marketable securities
10,976
13,268
Cash and cash equivalents
6,342
14,867
Shareholders' equity
31,922
31,656
Nine Months Ended
September 30,
Cash Flow (DKK million)
2024
2023
Change
Cash provided by operating activities
5,059
5,708
(649)
Cash (used in) investing activities
(9,989)
(840)
(9,149)
Cash (used in) financing activities
(3,922)
(584)
(3,338)
Increase (decrease) in cash and cash equivalents
(8,852)
4,284
(13,136)
Exchange Rate adjustments
327
96
231
Net cash provided by operating activities is primarily related to our operating profit, changes in operating
assets and liabilities, reversal of net financial items, and adjustments related to non-cash transactions.
The DKK 649 million decrease in net cash provided by operating activities is primarily driven by
significant AbbVie milestones achieved in 2022 with related cash received during the first nine months of
2023. This impact was offset by an increase in net profit before tax of DKK 932 million, an increase in
non-cash transactions of DKK 243 million and an increase in interest received of DKK 145 million in the
first nine months of 2024 compared to the first nine months of 2023.
Net cash used in investing activities primarily reflects cash used in making acquisitions, differences
between the proceeds received from the sale and maturity of our investments and amounts invested, and
the cash paid for investments in tangible and intangible assets. The DKK 9,149 million increase in net
cash used in investing activities is primarily driven by the acquisition of ProfoundBio, partly offset by the
sales and maturities of marketable securities exceeding purchases in the first nine months of 2024,
compared to purchases exceeding sales and maturities in the first nine months of 2023.
Net cash used in financing activities is primarily related to the purchase of treasury shares, exercise of
warrants, lease payments, and payment of withholding taxes on behalf of employees on net settled
Restricted Stock Units (RSUs). The DKK 3,338 million increase in net cash used in financing activities
between the periods is primarily driven by higher purchases of treasury shares of DKK 3,879 million in the
first nine months of 2024 related to the share buy-back programs initiated in March 2024 and completed
in June 2024 compared to DKK 564 million in the first nine months of 2023.
Genmab’s USD denominated marketable securities represented 76% of Genmab’s total marketable
securities as of September 30, 2024, compared to 81% as of December 31, 2023. The decrease was
Interim Report for the First Nine Months of 2024
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primarily attributable to the liquidation of USD denominated marketable securities to fund the acquisition
of ProfoundBio and the purchase of treasury shares.
Cash and cash equivalents included short-term marketable securities of DKK 285 million as of September
30, 2024, compared to DKK 1,353 million as of December 31, 2023. In accordance with our accounting
policy, securities purchased with a maturity of less than ninety days at the date of acquisition are
classified as cash and cash equivalents. Refer to Financial Statement Note 5 in this interim report for
further details about our marketable securities.
Balance Sheet
As of September 30, 2024, total assets were DKK 39,660 million compared to DKK 35,335 million on
December 31, 2023. As of September 30, 2024, assets were mainly comprised of intangible assets of
DKK 11,504 million, primarily made up of intangible assets acquired in the ProfoundBio acquisition,
marketable securities of DKK 10,976 million, current receivables of DKK 6,310 million, cash and cash
equivalents of DKK 6,342 million and DKK 2,407 million of goodwill related to the acquisition of
ProfoundBio. The current receivables consist primarily of amounts related to royalties from our
collaboration agreements.
As of September 30, 2024, total liabilities were DKK 7,738 million compared to DKK 3,679 million on
December 31, 2023. The increase in total liabilities of DKK 4,059 million was primarily driven by the DKK
1,994 million deferred tax liability assumed in the acquisition of ProfoundBio, an increase of DKK 1,219
million in corporate taxes payable due to Genmab’s net profit before tax and increase in Genmab’s
effective tax rate, an increase of approximately DKK 500 million in accruals related to the expansion of
our product pipeline, and an increase in lease liabilities of DKK 217 million driven by the commencement
of a lease in the U.S. with respect to office and laboratory space.
Shareholders’ equity as of September 30, 2024, was DKK 31,922 million compared to DKK 31,656 million
on December 31, 2023. The increase of DKK 266 million, or 1%, was primarily driven by Genmab’s net
profit for the period and share-based compensation expenses, partly offset by the purchase of treasury
shares. The decrease in Genmab’s equity ratio, which was 80% as of September 30, 2024, compared to
90% as of December 31, 2023, was primarily attributable to assets acquired in the acquisition of
ProfoundBio, net of cash paid, in addition to the share buy-back completed in June 2024 that offset
Genmab’s net profit for the period.
Team Members
As of September 30, 2024, the total number of team members was 2,635 compared to 2,132 as of
September 30, 2023. The increase was primarily driven by the expansion and acceleration of our
pipeline, as well as the investment in the expansion of Genmab’s commercialization capabilities, including
support for EPKINLY in the U.S. and Japan post launch activities, and broader organizational capabilities
and the acquisition of ProfoundBio.
Nine Months Ended
September 30,
Team Members
2024
2023
Research and development team members
1,853
1,484
Selling, general and administrative team members
782
648
Total team members
2,635
2,132
Legal Matters
Interim Report for the First Nine Months of 2024
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Janssen Binding Arbitrations
In September 2020, Genmab commenced binding arbitration of two matters arising under its license
agreement with Janssen relating to daratumumab. In April 2022, the arbitral tribunal issued an award in
the binding arbitration of the two matters in favor of Janssen. Genmab did not seek a review of the award,
and the award is final.
On June 9, 2022, Genmab announced the commencement of a second arbitration under the
daratumumab license agreement with Janssen with claims for milestone payments for daratumumab SC
of USD 405 million and a separate 13-year royalty term for daratumumab SC on a country-by-country
basis, from the date of the first commercial sale of daratumumab SC in each such country. This second
arbitration followed from the award in the prior arbitration, where the tribunal ruled in favor of Janssen on
the question as to whether Genmab is required to share in Janssen’s royalty payments to Halozyme for
its technology used in the daratumumab SC product. The tribunal based its ruling on the finding that
DARZALEX FASPRO constitutes a new licensed product under the license agreement.
On April 21, 2023, the arbitral tribunal dismissed Genmab’s claims regarding the second arbitration, on
the basis that these claims should have been brought in the first arbitration. One arbitrator dissented.
Genmab filed a request for review of the award, which was denied on January 23, 2024. As a result, the
dismissal of Genmab’s claims in the second arbitration is now final.
Chugai Patent Infringement Complaint
In June 2024, Chugai Pharmaceutical Co., Ltd. filed a lawsuit in the Tokyo District Court, Japan against
AbbVie’s and Genmab’s subsidiaries in Japan asserting that their activities with EPKINLY (epcoritamab)
in Japan infringe two Japanese patents held by Chugai, JP6278598 and JP6773929. Chugai is claiming
damages and injunctive relief.
Genmab
and AbbVie believe that the two Japanese patents are invalid and not infringed and intend to
vigorously defend against the lawsuit, and thus no provision has been recorded related to this matter.
Interim Report for the First Nine Months of 2024
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended
Nine Months Ended
September 30,
September 30,
Note
2024
2023
2024
2023
(DKK million)
Revenue
3
Cost of product sales
(273 )
(79 )
(648 )
(100 )
Research and development expenses
(2,283 )
(2,088 )
(7,084 )
(5,682 )
Selling, general and administrative expenses
(865 )
(860 )
(2,541 )
(2,363 )
Acquisition and integration related charges
2
(17 )
(269 )
Total costs and operating expenses
(3,438 )
(3,027 )
(10,542 )
(8,145 )
Operating profit
Financial income
6
Financial expenses
6
(698 )
(224 )
(1,202 )
(887 )
Net profit before tax
Corporate tax
(453 )
(566 )
(1,563 )
(981 )
Net profit
Other comprehensive income:
Amounts which may be re-classified to the
income statement:
Exchange differences on translation of foreign
operations
(580 )
(406 )
Total comprehensive income
Basic net profit per share
Diluted net profit per share
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CONDENSED CONSOLIDATED BALANCE SHEETS
September 30,
December 31,
Note
2024
2023
(DKK million)
ASSETS
Intangible assets
4
Goodwill
4
Property and equipment
Right-of-use assets
9
Receivables
Deferred tax assets
Other investments
5
Total non-current assets
Inventories
Receivables
Marketable securities
5
Cash and cash equivalents
Total current assets
Total assets
SHAREHOLDERS’ EQUITY AND LIABILITIES
Share capital
Share premium
Other reserves
(346 )
Retained earnings
Total shareholders' equity
Lease liabilities
9
Deferred revenue
3
Deferred tax liabilities
Other payables
Total non-current liabilities
Corporate tax payable
Lease liabilities
9
Deferred revenue
3
Other payables
Total current liabilities
Total liabilities
Total shareholders' equity and liabilities
Share-based payments
7
Related parties
8
Contingency
10
Subsequent events to the balance sheet date
11
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
Note
2024
2023
(DKK million)
Net profit before tax
Financial income
(2,221 )
(1,947 )
Financial expenses
Adjustments for non-cash transactions
Share-based compensation expense
7
Depreciation
Amortization
4
Impairment charges
4
Change in operating assets and liabilities, excluding the
effect of acquisitions:
Receivables
(1,334 )
Inventories
(13 )
(70 )
Other payables
Cash flows from operating activities before financial
items
Interest received
Interest elements of lease payments
9
(25 )
(18 )
Corporate taxes paid
(335 )
(411 )
Net cash provided by operating activities
Acquisition of business, net of cash acquired
2
(12,246 )
Investment in intangible assets
4
(10 )
(10 )
Investment in tangible assets
(93 )
(299 )
Marketable securities bought
(7,128 )
(8,382 )
Marketable securities sold
Other investments bought
(36 )
(17 )
Net cash (used in) investing activities
(9,989 )
(840 )
Warrants exercised
Principal elements of lease payments
(60 )
(66 )
Purchase of treasury shares
7
(3,879 )
(564 )
Payment of withholding taxes on behalf of employees on
net settled RSUs
(101 )
(97 )
Net cash (used in) financing activities
(3,922 )
(584 )
Change in cash and cash equivalents
(8,852 )
Cash and cash equivalents at the beginning of the period
Exchange rate adjustments
Cash and cash equivalents at the end of the period
Cash and cash equivalents include:
Bank deposits
Short-term marketable securities
Cash and cash equivalents at the end of the period
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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share
Share
Translation
Retained
Shareholders'
Note
capital
premium
reserves
earnings
equity
(DKK million)
Balance at December 31, 2022
Net profit
Other comprehensive income
Total comprehensive income
Transactions with owners:
Exercise of warrants
Purchase of treasury shares
(564 )
(564 )
Share-based compensation expenses
Withholding taxes on behalf of
employees on net settled RSUs
(97 )
(97 )
Balance at September 30, 2023
Balance at December 31, 2023
Net profit
Other comprehensive income
(406 )
(406 )
Total comprehensive income
(406 )
Transactions with owners:
Exercise of warrants
7
Purchase of treasury shares
7
(3,879 )
(3,879 )
Share-based compensation expenses
7
Withholding taxes on behalf of
employees on net settled RSUs
(101 )
(101 )
Balance at September 30, 2024
(346 )
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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 – Basis of Presentation
Accounting Policies
These interim statements of the Genmab Group (Genmab or the Company) have been prepared in
accordance with IAS 34 (Interim Financial Reporting) as issued by the International Accounting Standards
Board (IASB) and in accordance with IAS 34 as endorsed by the EU and additional Danish disclosure
requirements for interim reports of listed companies. The interim report has not been audited by
Genmab’s external auditors.
The interim report has been prepared using the same accounting policies as outlined in Section 1 – Basis
of Presentation in the financial statements in the Genmab 2023 Annual Report (Annual Report). A
number of amended standards became applicable for the current reporting period. There was no impact
to Genmab’s financial statements as a result of adopting these amended standards. These interim
financial statements should be read in conjunction with the Annual Report.
The below accounting policies have been implemented upon Genmab completing the acquisition of
ProfoundBio, Inc. (ProfoundBio) on May 21, 2024.
Business Combinations
The acquisition method of accounting is used to account for all acquisitions where the target company
meets the definition of a business in accordance with IFRS 3 (Business Combinations). The purchase
price for a business is comprised of the fair value of the assets transferred and liabilities owned to the
former owners, including option holders, of the acquired business and the fair value of any asset or
liability resulting from a contingent consideration arrangement. Any amount of the purchase price which
effectively comprises a settlement of a pre-existing relationship is not part of the exchange for the
acquiree and is therefore not included in the consideration for the purpose of applying the acquisition
method. Settlements of pre-existing relationships are accounted for as separate transactions in
accordance with the relevant IFRS standards.
Identifiable assets and liabilities and contingent liabilities assumed are measured at fair value on the date
of acquisition by applying relevant valuation methods. Goodwill is recognized as the excess of purchase
price over the fair value of net identifiable assets acquired and liabilities assumed. Acquisition-related
charges are expensed as incurred and included in Acquisition and integration related charges.
Other Intangible Assets
Definite-Lived and IPR&D Intangible Assets
Intangible assets acquired in a business combination are recognized at fair value at the acquisition date.
Intangible assets with definite useful lives are amortized based on the straight-line method over their
estimated useful lives and reviewed for impairment if certain events or changes in circumstances indicate
that the carrying amount of the asset may not be recoverable. Amortization commences for in-process
research and development (IPR&D) intangible assets after regulatory approval has been obtained or
when assets are put in use. IPR&D intangible assets are tested for impairment at least annually or when
a triggering event occurs that could indicate a potential impairment. Impairments of intangible assets are
reviewed at each reporting date for possible reversal.
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Goodwill
Goodwill represents the excess of purchase price over the fair value of net identifiable assets acquired
and liabilities assumed in a business combination accounted for by the acquisition method of accounting
and is not amortized, but is subject to impairment testing. Goodwill is allocated to each of the group’s
cash-generating units (or groups of cash-generating units) expected to benefit from the synergies of the
combination. Cash-generating units to which goodwill has been allocated are tested for impairment at
least annually, or more frequently when there is an indication that the unit may be impaired by assessing
qualitative factors or performing a quantitative analysis in determining whether it is more likely than not
that the fair value of net assets in a cash-generating unit are below their carrying amounts. Quantitative
goodwill impairment tests are based on management’s projections and the anticipated net present value
of estimated future cash flows from marketable products.
If the carrying amount of goodwill exceeds the recoverable amount, which is determined based on
discounted projected cash flows, any impairment is measured as the difference between those
discounted projected cash flows and the carrying amount. Impairments of goodwill are prohibited from
future reversals.
Management Judgements and Estimates under IFRS Accounting Standards
In preparing interim reports, certain provisions under IFRS Accounting Standards (IFRS) require
management to make judgements (various accounting estimates and assumptions), which may
significantly impact Genmab’s financial statements. The interim report has been prepared using the same
judgments and estimates as outlined in Section 1 – Basis of Presentation in the financial statements in
the Annual Report. For a description of significant judgements and estimates, refer to Note 1.3 in the
Annual Report. Additionally, upon Genmab completing the acquisition of ProfoundBio on May 21, 2024,
management has determined that the below estimates related to intangible assets are an area that
require significant judgement. Refer below for further information on the key accounting estimates related
to the valuation of intangible assets utilized in preparation of the condensed consolidated financial
statements.
Fair Value of Intangible Assets in a Business Combination
The application of the acquisition method involves the use of significant estimates because the
identifiable net assets of the acquiree are recognized at their fair values for which observable market
prices are typically not available. This is particularly relevant for intangible assets which require use of
valuation techniques typically based on estimates of present value of future uncertain cash flows. The
significant assumptions used to estimate the value of the acquired intangible assets include discount
rates and certain assumptions that form the basis of future cash flows (such as probabilities of technical
and commercial success, revenue growth rates, operating margins, and royalty rates).
Impairment Assessment of Intangible Assets and Goodwill
If circumstances or changes in Genmab’s operations indicate that the carrying amount of intangible
assets, including goodwill, may not be recoverable, management reviews the asset for impairment. The
basis for the review is the recoverable amount of the intangible asset, determined as the greater of the
fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future
cash inflow estimated to be generated from the intangible asset. If the carrying amount of an intangible
asset is greater than the recoverable amount, the intangible asset is written down to the recoverable
amount. An impairment loss is recognized in the income statement when the impairment is identified.
Impairments on intangible assets (excluding goodwill) are reviewed at each reporting date for possible
reversal.
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Factors considered material that could trigger an impairment test include the following:
• Development of a competing drug
• Realized sales trending below predicted sales
• Inconsistent or unfavorable clinical readouts
• Changes in the legal framework covering patents, rights and licenses
• Advances in medicine and/or technology that affect the medical treatments
• Adverse impact on reputation and/or brand names
• Relationship to other intangible assets or property, plant and equipment
Impairments of intangible assets are recognized in the Condensed Consolidated Income Statements as
research and development expenses.
Information about Geographical Areas
Genmab is managed and operated as one business unit, which is reflected in the organizational structure
and internal reporting. No separate lines of business or separate business entities have been identified
with respect to any licensed products, product candidates, product sales or geographical markets and no
segment information is currently prepared for internal reporting. Refer to Note 2.2 in the Annual Report for
further details.
Reclassifications and Revisions
To facilitate comparison of information across periods, certain immaterial reclassifications and revisions
have been made to prior period amounts to conform to the current period’s presentation. Refer to Note
1.4 in the Annual Report for further details.
Note 2 – Acquisition of Businesses
On May 21, 2024 (Acquisition Date), Genmab completed the previously announced acquisition of all of
the outstanding shares of ProfoundBio, resulting in ProfoundBio becoming a wholly-owned subsidiary of
Genmab. The acquisition of ProfoundBio gave Genmab worldwide rights to three candidates in clinical
development, including ProfoundBio’s lead drug candidate, rinatabart sesutecan (Rina-S). In addition,
Genmab acquired ProfoundBio’s novel ADC technology platforms. Rina-S is a clinical-stage, FRα-
targeted, TOPO1 ADC, currently in Phase 2 of a Phase 1/2 clinical trial, for the treatment of ovarian
cancer and other FRα-expressing solid tumors. Based on the data from the ongoing Phase 1/2 clinical
trial Genmab intends to broaden the development plans for Rina-S within ovarian cancer and other FRα-
expressing solid tumors. In January 2024, the U.S. FDA granted Fast Track designation to Rina-S for the
treatment of patients with FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian
cancer.
In addition to payment of USD 1.72 billion (DKK 11.80 billion) for all of the outstanding shares of
ProfoundBio, Genmab also made a USD 199 million (DKK 1,368 million) payment to holders of
outstanding ProfoundBio equity awards for settlement of such vested and non-vested awards. Of the
USD 199 million (DKK 1,368 million) payment, USD 187 million (DKK 1,289 million) related to the portion
of awards where the vesting period was completed prior to the Acquisition Date. This portion of the
payment was therefore determined to be attributable to the pre-combination period and included in
purchase consideration. The remaining USD 11 million (DKK 79 million) payment related to the portion of
awards with future vesting conditions, and therefore is attributable to post-combination services. The
amount attributable to the post-combination service does not form part of the consideration and was
therefore instead recognized as Acquisition and integration related charges in Genmab’s Condensed
Consolidated Statements of Comprehensive Income during the second quarter of 2024.
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The acquisition has been accounted for using the acquisition method of accounting which requires that
assets acquired and liabilities assumed be recognized at their fair values as of the Acquisition Date and
consolidated into Genmab’s Condensed Consolidated Balance Sheets. The results of operations for
ProfoundBio have been included in Genmab’s condensed consolidated financial statements from the
Acquisition Date. A fair value measurement has been performed and the purchase price has been
allocated to intangible assets, associated deferred tax liabilities, other assets and liabilities, as well as
goodwill being the excess value of the purchase price over the fair value of assets acquired and liabilities
assumed (the purchase price allocation). The purchase price allocation is considered provisional due to
uncertainty on key assumptions which require detailed analysis which has not been possible to conclude
as of September 30, 2024. Adjustments may be applied to the purchase price allocation for a period of up
to 12 months from the Acquisition Date.
The total consideration for the acquisition of ProfoundBio is summarized as follows:
Total Consideration
Amounts in USD millions
Amounts in DKK millions
Cash paid for outstanding shares
1,718
11,798
Cash for equity compensation attributable to pre-
combination service
187
1,289
Total consideration
1,905
13,087
Cash acquired
(122)
(841)
Cash used for acquisition of business
1,783
12,246
The purchase price allocation resulted in the following amounts being allocated to the assets acquired and
liabilities assumed at the Acquisition Date based upon their respective fair values summarized below:
Amounts Recognized as of the Acquisition Date
Amounts in USD millions
Amounts in DKK millions
Cash and cash equivalents
122
841
Other current assets*
4
29
Property and equipment
6
41
IPR&D
1,540
10,577
Technology platform intangible asset
181
1,243
Other non-current assets**
3
21
Non-current deferred tax liability
(297)
(2,039)
Other current liabilities***
(15)
(108)
Total identifiable net assets
1,544
10,605
Goodwill
361
2,482
Total consideration
1,905
13,087
*Includes receivables and other investments
**Includes other investments and right-of-use assets
***Includes other payables, deferred revenue, current deferred tax liability and lease liabilities
The carrying values of other current assets, property and equipment, other non-current assets and other
current liabilities were determined to approximate their fair values.
The fair value assigned to acquired IPR&D, which was calculated using the multi-period excess earnings
method of the income approach, was based on the present value of expected after-tax cash flows
attributable to Rina-S, which is in Phase 1/2 testing. The present value of expected after-tax cash flows
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obtainable from Rina-S and assigned to IPR&D was determined by estimating the after-tax costs to
complete development of Rina-S into a commercially viable product, estimating future revenue and
ongoing expenses to produce, support and sell Rina-S, on an after-tax basis, and discounting the
resulting net cash flows to present value. The revenue and costs projections used were reduced based
on the probability that compounds at similar stages of development will become commercially viable
products. The rate utilized to discount the net cash flows to their present value reflects the risk associated
with the future earnings attributable to the intangible asset. Acquired IPR&D will be accounted for as an
intangible asset not yet available for use until regulatory approval in a major market is received or
development is discontinued.
The fair value of the technology platform intangible asset was calculated using the relief from royalty
method of the income approach. This method includes assigning value based on the economic savings
from owning, rather than in-licensing, the technology platform intangible asset supported by observable
market data for peer companies, then discounting the resulting probability adjusted net post-tax cash
flows using a discount rate commensurate with the risk associated with the future income or cost savings
attributable to the intangible asset.
The significant assumptions used to estimate the value of the acquired intangible assets include discount
rates and certain assumptions that form the basis of future cash flows (such as probabilities of technical
and commercial success, revenue growth rates, operating margins, and royalty rates).
The excess of purchase price over the fair value amounts assigned to identifiable assets acquired and
liabilities assumed represents the goodwill amount resulting from the acquisition. The goodwill recorded
as part of the acquisition is attributable to the intangible assets that do not qualify for separate recognition
at the time of the acquisition, assembled workforce and deferred tax consequences of the IPR&D and
technology platform intangible asset recorded for financial statement purposes. Genmab does not expect
any portion of this goodwill to be deductible for tax purposes. The goodwill attributable to the acquisition
has been recorded as a non-current asset in Genmab’s Condensed Consolidated Balance Sheets and is
not amortized, but is subject to review for impairment annually.
From the Acquisition Date through September 30, 2024, Genmab’s Condensed Consolidated Statements
of Comprehensive Income include no revenue and the following expenses associated with the acquisition
and operations of ProfoundBio (in DKK millions):
Consolidated Statements of Comprehensive Income (DKK million):
Acquisition Date through September
30, 2024
Research and development expenses
204
Selling, general and administrative expenses
11
Acquisition and integration related charges*
156
Total
371
*Acquisition related charges incurred from the Acquisition Date through September 30, 2024, are
comprised of payments to holders of outstanding ProfoundBio equity awards related to post-combination
services (DKK 79 million). The remaining expenses are integration related charges incurred from the
Acquisition Date through September 30, 2024, which are comprised of professional fees incurred to assist
with the integration of ProfoundBio into Genmab’s operations post-acquisition. Additionally, prior to the
Acquisition Date, Genmab recorded DKK 113 million in Acquisition and integration related charges in
Genmab’s Condensed Consolidated Statements of Comprehensive Income related to professional due
diligence procedures in connection with the acquisition of ProfoundBio.
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The following table provides Genmab’s consolidated revenue and net profit for the first nine months of 2024
as if the acquisition of ProfoundBio had occurred on January 1, 2024 (in DKK millions):
(DKK million)
Nine Month Period Ended September
30, 2024
Revenue
15,085
Net Profit
3,792
The unaudited pro forma information does not necessarily reflect the actual results of operations of the
combined entities that would have been achieved, nor are they necessarily indicative of future results of
operations. The unaudited pro forma information reflects certain adjustments that were directly
attributable to the acquisition of ProfoundBio, including additional amortization adjustments for the fair
value of the technology platform intangible asset acquired.
As of September 30, 2024, Cash and cash equivalents in Genmab’s Condensed Consolidated Balance
Sheets includes USD 30 million (DKK 200 million) of restricted cash balances for funds held in escrow
related to the acquisition of ProfoundBio.
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Note 3 – Revenue
The table below summarizes Genmab’s revenue by type and collaboration partner, and royalties by
product, under Genmab’s agreements.
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
(DKK million)
Revenue by type:
Royalties
4,694
3,836
12,367
9,722
Reimbursement revenue
267
306
835
789
Milestone revenue
3
342
347
797
Collaboration revenue
105
78
311
218
Net product sales
471
150
1,225
189
Total
5,540
4,712
15,085
11,715
Revenue by collaboration partner:
Janssen
3,909
3,549
10,232
8,603
Roche
201
180
543
516
Novartis
573
455
1,572
1,061
BioNTech
230
286
739
732
Pfizer
130
92
386
266
AbbVie
26
—
388
348
Total*
5,069
4,562
13,860
11,526
Royalties by product:
DARZALEX
3,787
3,145
9,899
8,000
Kesimpta
569
449
1,559
1,049
TEPEZZA
198
180
539
516
Other**
140
62
370
157
Total
4,694
3,836
12,367
9,722
* Excludes Genmab’s Net product sales
** Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY.
Net Product Sales
Genmab recognized net product sales of DKK 1,225 million during the first nine months of 2024
compared to DKK 189 million in the first nine months of 2023. Genmab recognized net product sales of
DKK 471 million for the third quarter of 2024 compared to DKK 150 million for the third quarter of 2023.
EPKINLY was approved in the U.S. in May 2023 and Japan in September 2023.
Deferred Revenue
As part of the continued evaluation of deferred revenue related to the AbbVie Agreement, during the first
nine months of 2024, Genmab’s classification of deferred revenue reflects the current estimate of co-
development activities as of September 30, 2024. Deferred revenue has been recognized as
reimbursement revenue during the third quarter of 2024. These co-development activities are related to a
performance obligation in connection with the product concepts under a research option agreement.
Refer to Note 2.1 in the Annual Report for further details regarding revenue.
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Note 4 – Intangible Assets & Goodwill
(DKK million)
Gross Carrying
Value
Accumulated
Amortization
Impairment
Exchange Rate
Adjustments
Intangible
Assets, Net
September 30, 2024
Amortizable Intangible Assets:
Licenses & Patents
958
(822)
(64)
-
72
Technology Platform
1,261
(29)
-
(56)
1,176
2,219
(851)
(64)
(56)
1,248
Non-amortized Intangible
Assets:
Acquired IPR&D Rights
10,728
-
-
(472)
10,256
Total Intangible Assets
12,947
(851)
(64)
(528)
11,504
December 31, 2023
Amortizable Intangible Assets:
Licenses & Patents
947
(800)
-
-
147
Total Intangible Assets
947
(800)
-
-
147
Intangible Assets
The increase in the gross carrying value of intangible assets during the first nine months of 2024 was
primarily due to the addition of approximately DKK 10,728 million of IPR&D and DKK 1,261 million of a
technology platform asset from the ProfoundBio acquisition. The technology platform asset is being
amortized over its estimated useful life of 15 years. The difference between the Acquisition Date fair value
of these acquired intangibles assets and the carrying value as of September 30, 2024 is attributable to
net exchange rate differences. Refer to Note 2 for additional details.
Amortization expense was DKK 51 million and DKK 41 million for the first nine months of 2024 and 2023,
respectively, which was recorded in Research and development expenses in the Condensed
Consolidated Statements of Comprehensive Income.
Goodwill
The carrying amount of goodwill was DKK 2,407 million as of September 30, 2024 due to the acquisition
of ProfoundBio (refer to Note 2). The difference between the Acquisition Date fair value of DKK 2,482
million and the carrying value as of September 30, 2024 is attributable to net exchange rate differences.
There was no goodwill balance as of December 31, 2023.
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Note 5 – Financial Instruments
Genmab’s portfolio is spread over a number of different securities with a focus on liquidity and the
preservation of capital. Genmab’s marketable securities in USD, DKK, EUR, and GBP as a percentage of
total marketable securities were as follows:
September 30,
December 31,
2024
2023
Percent
USD
76
%
81
%
DKK
15
%
12
%
EUR
8
%
6
%
GBP
1
%
1
%
Total
100
%
100
%
As of September 30, 2024, 70% of Genmab’s marketable securities were long-term A rated or higher, or
short-term A-1 / P-1 rated compared to 72% as of December 31, 2023.
The table below shows the fair value measurements by level for Genmab’s financial assets measured at
fair value through profit or loss:
(DKK million)
September 30, 2024
December 31, 2023
Assets Measured at Fair Value
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Marketable securities
10,976
—
—
10,976
13,268
—
—
13,268
Other investments
32
13
144
189
47
—
87
134
Marketable Securities
All fair values are determined by reference to external sources using unadjusted quoted prices in
established markets for Genmab’s marketable securities (Level 1).
Other Investments
Other investments primarily consist of investments in certain strategic investment funds. Genmab’s share
of the fair value of these fund investments is determined based on the valuation of the underlying
investments included in the fund. Investments in publicly traded equity securities included in these
strategic investment funds are valued based at the most recent sale price or official closing price reported
on the exchange or over-the-counter market on which they trade, while investments in non-publicly traded
equity securities are based on other factors, including but not limited to, type of the security, the size of
the holding, the initial cost of the security, the price and extent of public trading in similar securities of the
comparable companies, an analysis of the company's or issuer's financial statements and with respect to
debt securities, the maturity and creditworthiness. As such, these fund investments have been
characterized as Level 3 investments as fair values are not entirely based on observable market data.
Refer to Note 4.3 and Note 4.4 in the Annual Report for further details regarding Genmab’s marketable
securities and other investments.
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Note 6 – Financial Income and Expenses
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
(DKK million)
Financial income:
Interest and other financial income
162
244
771
672
Gain on marketable securities
144
109
352
357
Gain on other investments
9
6
130
68
Foreign exchange rate gain
-
850
968
850
Total financial income
315
1,209
2,221
1,947
Financial expenses:
Interest and other financial expenses
(18)
(9)
(66)
(49)
Loss on marketable securities
—
(40)
(119)
(199)
Loss on other investments
(10)
(39)
(108)
(64)
Foreign exchange rate loss
(670)
(136)
(909)
(575)
Total financial expenses
(698)
(224)
(1,202)
(887)
Net financial items
(383)
985
1,019
1,060
Interest Income
Interest income was DKK 771 million in the first nine months of 2024 compared to DKK 672 million in the
first nine months of 2023. The increase of DKK 99 million was driven by higher average cash and cash
equivalents and marketable securities, as well as higher interest rates on USD denominated marketable
securities in the first nine months of 2024 compared to the first nine months of 2023.
Foreign Exchange Rate Gains and Losses
Foreign exchange rate gain, net was DKK 59 million, comprised of DKK 968 million foreign exchange rate
gains, offset by DKK 909 million foreign exchange rate losses in the first nine months of 2024 compared
to foreign exchange rate gain, net of DKK 275 million in the first nine months of 2023. The USD
weakened against the DKK in the first nine months of 2024, negatively impacting our USD denominated
securities and cash holdings. The USD strengthened against the DKK in the first nine months of 2023,
positively impacting our USD denominated securities and cash holdings.
September 30,
2024
December
31, 2023
September 30,
2023
December 31,
2022
USD/DKK Foreign Exchange Rates
6.6595
6.7447
7.0390
6.9722
% (Decrease)/increase from prior year-end
(1.3)%
1.0%
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Note 7 – Share-Based Payments
Restricted Stock Unit Program
Genmab has established an RSU program (equity-settled share-based payment transactions) as an
incentive for Genmab’s employees, members of the Executive Management, and members of the Board
of Directors. RSUs granted to Executive Management are performance-based.
Nine Months Ended
September 30,
2024
2023
RSUs granted
476,439
288,670
Weighted average fair value per RSU granted (DKK)
1,989.31
2,636.71
RSUs vested
142,263
91,514
Refer to Note 4.6 in the Annual Report for details on the RSU program.
Warrant Program
Genmab has established a warrant program (equity-settled share-based payment transactions) as an
incentive for all Genmab employees. Following Genmab’s Annual General Meeting on March 29, 2023,
members of the registered Executive Management and members of the Board of Directors may only be
granted RSUs.
Nine Months Ended
September 30,
2024
2023
Warrants granted
358,994
201,726
Weighted average exercise price per warrant granted (DKK)
1,990.64
2,650.53
Weighted average Black-Scholes fair value per warrant granted (DKK)
645.20
932.20
Warrants exercised
102,296
105,908
Weighted average exercise price on date of grant per warrant exercised (DKK)
1,151.81
1,347.69
% change in share capital - warrants exercised
0.15%
0.16%
Refer to Note 4.6 in the Annual Report for details on the warrant program.
Share-Based Compensation Expense
Share-based compensation expenses related to Genmab’s RSU and warrant programs for the
first nine months of 2024 were DKK 535 million compared to DKK 433 million for the first nine
months of 2023.
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Share Repurchases
As of September 30, 2024, Genmab’s 2021 and 2023 authorizations have shares available for
repurchase, whereas Genmab’s 2019 authorization has expired. In addition, at Genmab’s Annual General
Meeting on March 13, 2024, a new authorization to acquire treasury shares up to a nominal amount of
DKK 3,500,000 was granted.
2024
Authorization
2023
Authorization
2021
Authorization
Number of shares authorized for repurchase
1
3,500,000
500,000
500,000
Actual shares repurchased under authorization
1,821,853
—
450,000
Shares available for repurchase as of September 30, 2024
1,678,147
500,000
50,000
1
Nominal value of DKK 3,500,000 for 2024, and DKK 500,000 for 2023 and 2021 Authorizations
As announced on February 14, 2024, and March 15, 2024, Genmab initiated two share buy-back
programs. The purpose of the share buy-back program announced on February 14, 2024, was to honor
Genmab’s commitments under the RSU program. The share buy-back program announced on March
15, 2024, was in support of Genmab’s capital allocation strategy. During the first nine months of 2024,
Genmab acquired 2,011,853 of its own shares under both programs, representing approximately 3.0% of
share capital as of December 31, 2023. The total amount incurred to acquire the shares, including
directly attributable costs, was DKK 3,879 million and was recognized as a deduction to shareholders’
equity. These shares are classified as treasury shares and are presented within retained earnings on the
Condensed Consolidated Balance Sheets as of September 30, 2024. During the first nine months of
2023, Genmab acquired 220,000 of its own shares, representing approximately 0.3% of share capital as
of December 31, 2022. The total amount incurred to acquire the shares, including directly attributable
costs, was DKK 564 million and was recognized as a deduction to shareholders’ equity.
As of September 30, 2024, 2,663,209 treasury shares were held by Genmab.
Note 8 – Related Parties
Genmab’s related parties are its Board of Directors, Executive Management, and close members of the
family of these persons.
Genmab has not granted any loans, guarantees or other commitments to or on behalf of any of the
members of the Board of Directors or members of the Executive Management.
Other than the similar remuneration relating to the Board of Directors and the Executive Management
described in Note 5.1 in the Annual Report, there were no material related party transactions during the
first nine months of 2024.
Changes to the Executive Management and the Board of Directors
Anthony Mancini stepped down as Chief Operating Officer in August 2024. Brad Bailey and Rayne Waller
were appointed as Executive Vice President and Chief Commercial Officer, and as Executive Vice
President and Chief Technical Operations Officer, respectively, and members of the Executive
Management in August 2024.
Following Genmab’s Annual General Meeting on March 13, 2024, the Board of Directors is comprised of
five independent board members, one non-independent board member, and three employee-elected
board members. Deirdre P. Connelly (Chair), Pernille Erenbjerg (Deputy Chair), Rolf Hoffmann, Elizabeth
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O’Farrell, Paolo Paoletti and Anders Gersel Pedersen were re-elected to the Board of Directors for a one-
year period. Mijke Zachariasse, Martin Schultz and Takahiro Hamatani continue to serve as employee-
elected board members for a three-year period expiring in 2025.
Note 9 – Leases
Amounts recognized in the Condensed Consolidated Balance Sheets
The Condensed Consolidated Balance Sheets show the following amounts relating to leases:
September 30,
December 31,
2024
2023
(DKK million)
Right-of-use assets
Properties
890
686
Total right-of-use assets
890
686
Lease liabilities
Current
91
90
Non-current
896
680
Total lease liabilities
987
770
During the first nine months of 2024, there were additions to Genmab’s right-of-use assets and lease
liabilities related to the commencement of leases in the U.S. with respect to office and laboratory space
and in Japan with respect to office space. During the first nine months of 2023, there were additions to
Genmab’s right-of-use assets and lease liabilities related to the commencement of a lease for the new
headquarters in Denmark.
Amounts recognized in the Condensed Consolidated Statements of Comprehensive Income
The Condensed Consolidated Statements of Comprehensive Income show the following amounts relating
to leases:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
(DKK million)
Depreciation charge of right-of-use assets
Properties
27
22
75
66
Total depreciation charge of right-of-use assets
27
22
75
66
Variable lease payments, short-term lease expense, lease interest expense and low-value leases are not
material.
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 43/45
2500 Valby, Denmark
CVR no. 2102 3884
Note 10 – Contingency
In 2024, Chugai filed a lawsuit in the Tokyo District Court, Japan against AbbVie’s and Genmab’s
subsidiaries in Japan asserting that their activities with EPKINLY (epcoritamab) in Japan infringe two
Japanese patents held by Chugai, JP6278598 and JP6773929. Chugai is claiming damages and
injunctive relief.
Genmab and AbbVie believe that the two Japanese patents are invalid and not infringed and intend to
vigorously defend against the lawsuit, and thus no provision has been recorded related to this matter.
Note 11 – Subsequent Events to the Balance Sheet Date
No events have occurred subsequent to the balance sheet date that could significantly affect the financial
statements as of September 30, 2024.
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 44/45
2500 Valby, Denmark
CVR no. 2102 3884
ABOUT GENMAB
Genmab is an international biotechnology company with a core purpose guiding its unstoppable team to strive towards improving
the lives of patients through innovative and differentiated antibody therapeutics. For 25 years, its passionate, innovative and
collaborative team has invented next-generation antibody technology platforms and leveraged translational, quantitative, and data
sciences, resulting in a proprietary pipeline including bispecific T-cell engagers, next-generation immune checkpoint modulators,
effector function enhanced antibodies and antibody-drug conjugates. To help develop and deliver novel antibody therapies to
patients, Genmab has formed 20+ strategic partnerships with biotechnology and pharmaceutical companies. By 2030, Genmab’s
vision is to transform the lives of people with cancer and other serious diseases with Knock-Your-Socks-Off (KYSO
®
) antibody
medicines.
Established in 1999, Genmab is headquartered in Copenhagen, Denmark, with international presence across North America,
Europe and Asia Pacific. For more information, please visit Genmab.com and follow us on LinkedIn and X
.
This Interim Report contains forward looking statements. The words “believe,” “expect,” “anticipate,” “intend” and “plan” and similar
expressions identify forward looking statements. Actual results or performance may differ materially from any future results or
performance expressed or implied by such statements. The important factors that could cause our actual results or performance to
differ materially include, among others, risks associated with preclinical and clinical development of products, uncertainties related to
the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack
of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area
and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents
and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our
products or technologies obsolete, and other factors. For a further discussion of these risks, please refer to the risk management
sections in Genmab’s most recent financial reports, which are available on www.genmab.com
and the risk factors included in
Genmab’s most recent Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission (SEC),
which are available at
www.sec.gov. Genmab does not undertake any obligation to update or revise forward looking statements in
this Interim Report nor to confirm such statements to reflect subsequent events or circumstances after the date made or in relation
to actual results, unless required by law.
Genmab A/S and/or its subsidiaries own the following trademarks: Genmab
®
; the Y-shaped Genmab logo
®
; Genmab in combination
with the Y-shaped Genmab logo
®
; HuMax
®
; DuoBody
®
; HexaBody
®
; DuoHexaBody
®
; HexElect
®
and KYSO
®
; Tivdak
®
is a trademark
of Seagen Inc.; EPCORE
®
, EPKINLY
®
, TEPKINLY
®
and their designs are trademarks of AbbVie Biotechnology Ltd.; Kesimpta
®
and
Sensoready
®
are trademarks of Novartis AG or its affiliates; DARZALEX
®
, DARZALEX FASPRO
®
, RYBREVANT
®
, TECVAYLI
®
and
TALVEY
®
are trademarks of Johnson & Johnson; TEPEZZA
®
is a trademark of Horizon Therapeutics Ireland DAC.
Interim Report for the First Nine Months of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 60
Carl Jacobsens Vej 30
www.genmab.com
Page 45/45
2500 Valby, Denmark
CVR no. 2102 3884
DIRECTORS’ AND MANAGEMENT’S STATEMENT ON THE INTERIM REPORT
Registered Members of Executive Management
(President & CEO )
(Executive Vice President & CFO )
Board of Directors
(Chair )
(Deputy Chair )
(Employee elected )
(Employee elected )
(Employee elected )